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bernanke gave his very famous speech in jackson hole, wyoming? that was in august of 2010. and that's when the market really took off. the federal reserve obviously having a big influence on what was going on. we moved almost 2,000 points right there. that's the key point here. about 20%. that was just in five months. that was the second really remarkable leg of this rally. across 12,000 on february 1st, 2011. here is the european debt crisis. here is the u.s. debt downgrade. remember that? that was august, 2011. that dropped the market down. caused the dow in fact to drop below 11,000. that was in august of 2011. we had a few volatile months where things bounced around and then over all started moving up again. we passed 13,000. that was february 28, 2012. and basically we had a lot of worries. remember last year about europe and minor moves to the down side, and eventually you could see the final move up here to 14,000. okay. here's the next thing. an important thing. let's look at the markets today. i want to just flip forward to what's happening today. there's a lot of questions about
argued about it. there was a second bank of the united states that was created. andrew jackson basically ended its charter. there's a long history of mistrust in parts of the united states about the central bank and what it does. back in the jefferson and hamilton days, a lot of the farm state bankers did not trust the first bank of the united states. there is a federal reserve board in washington made up of seven governors and chairman who is ben bernanke. then there are 12 regional fed banks. they're all part of this federal reserve system. the regional fed bank, every chartered bank of the united states has to pay in capital to the federal reserve banks and in return they get a dividend. but these are not banks the way we think of commercial banks. the federal reserve bank of new york is not like citigroup out there trying to earn big profits to return to shareholders. their job is to manage the money supply. it is also to be a lender of last resort in a crisis, which is what the federal reserve did in 2007. when there is a run on a bank, when depositors flee the banking system becaus
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